Bybit Repays Bitget's 40,000 Ethereum Loan Days Post-Hack

user avatar

by Giorgi Kostiuk

2 years ago

This week, Bybit, a cryptocurrency exchange, suffered a hack that resulted in a $1.5 billion loss. Shortly after, Bybit managed to return the 40,000 Ethereum loan taken from Bitget, demonstrating recovery efforts and asset replacement.

The Hack on Bybit

Bybit reported a breach that led to the loss of $1.5 billion in cryptocurrency on February 21. The attacker manipulated a routine Ethereum transfer between the exchange's wallets. It was later revealed that the stolen funds were quickly moved to an unidentified address.

Your assets remain safe.Ben Zhou, CEO of Bybit

Asset Movements and Support

Following the hack, Bitget provided Bybit with a 40,000 Ethereum loan to assist with the asset shortfall, which was duly repaid. Bybit received additional loan support from other exchanges, including Binance.

Filling the Gap and Recovery

Bybit managed to replace the lost Ether and ensure full asset coverage for its clients through additional purchases. Newly audited reserve reports are slated to be published soon. The industry collaboration showcased the sector's resilience and maturity.

The hack demonstrated industry maturity and resilience.Ben Zhou, CEO of Bybit

Bybit's incident and subsequent recovery highlight the importance of swift action and industry cooperation in maintaining customer security and trust in the crypto industry.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Ethereum's Glamsterdam Upgrade Scheduled for Hoodi Test Network

Ethereum's next major upgrade, Glamsterdam, is set to activate on the Hoodi test network on October 26, marking a significant step in testing changes to block production and execution costs.

user avatarMiguel Rodriguez

International Crackdown on West African Scam Networks Results in 28 Arrests

An international effort against West African scam networks has led to 28 arrests and the removal of over 37 million accounts linked to fraudulent activity.

user avatarLuis Flores

Stablecoin Payment Transactions Surge Despite Flat Supply

A new report reveals a significant increase in stablecoin payment transactions, contrasting with stagnant supply levels.

user avatarArif Mukhtar

MARA Holdings Transfers 1,000 BTC to Exchanges Amid Market Scrutiny

MARA Holdings has transferred approximately 1,000 BTC to Binance and Gate over the past five days, raising questions about its treasury movements.

user avatarDavid Robinson

CryptoBilis Case Exposes Vulnerabilities in Hardware Wallets

The CryptoBilis case reveals vulnerabilities in hardware wallets, leading to $90 million in losses due to tampered devices.

user avatarMaria Gutierrez

California Reaches $500,000 Settlement with Fidelity Over Crypto Withdrawal Restrictions

California has reached a $500,000 settlement with Fidelity Digital Asset Services regarding restrictions on crypto withdrawals.

user avatarAndrew Smith

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.